Go long in TCS, advises Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Tata Consultancy Services (TCS) is hitting 52 week low because it has been consolidating in a very tight range last month, in a range of Rs 2,500 on the lower side and Rs 2,700 on the higher side. So if a stock is consolidating in a range for one year and all of a sudden even if it gets down by 3-4 percent, it will appear that it is hitting 52 week low. So it is not as dramatic as it may sound to people that it is at 52 week low.""At the same time, we have seen that baring first couple of days of expiry, we haven't seen significant formation of short positions in TCS and in the last two trading sessions we have seen selling exhaustion reducing with rupee depreciating, people running towards safety. In this kind of an environment, I think IT would find its feet." "We have been optimistic on Wipro and have been recommending it. It has been doing well. I think TCS doesn't have much of downside from current level. I am not expecting a huge change in trend in the stock but from current context, a small target of Rs 2,420 is expected and I am suggesting stop loss around Rs 2,254. Go long in TCS, buy on dips today," he said.